Superstar Hollywood director Steven Spielberg and Anil Ambani are about to sign a deal that will see the ADA Group bankroll Spielberg's DreamWorks SKG with between $500 million to $600 million, The Wall Street Journal reported on Wednesday.

According to the newspaper, Ambani's cash will allow Spielberg -- the man who made Jaws and Jurassic Park among other blockbusters -- and his partners Jeffrey Kaztenberg -- the former Disney hotshot -- and music baron David Geffen to end their existing agreement with Paramount Pictures, which is owned by Viacom's Sumner Redstone.

The Journal reported that the ADA Group and the Dreamworks founders will form a new movie company, which will make about half-a-dozen films every year.

The agreement will give Ambani, who is married to former movie star Tina Munim and is a close friend of superstar Amitabh Bachchan, a major presence in Hollywood. One of his companies is already in the theatre space in the US, buying movie halls all over that country.

The new company, The Journal reported, may be headed by DreamWorks CEO Stacey Snider.

The ADA group announced a slew of projects at the Cannes film festival last month, including movie ventures with the likes of Tom Hanks, Brad Pitt, Jim Carrey and George Clooney. It is expected to invest about $1 billion in its foray into Hollywood.